Traditionally, Wall Street investment banks had been organized as partnerships, but by 2000 they had converted to being publicly traded corporations. As partnerships, the principal-agent problem is ________, but as publicly traded corporations, the

An increase in the price of good X causes the demand curve for good Y to shift to the left. We know then that

a. X and Y are complementary goods b. X and Y are substitute goods c. X and Y are inferior goods d. X is a normal good and Y is an inferior good e. X is an inferior good and Y is a normal good

As the number of sellers in an oligopoly becomes very large,

a. the quantity of output approaches the socially efficient quantity. b. the price approaches marginal cost. c. the price effect is diminished. d. All of the above are correct.